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MDA SPACE REPORTS THIRD QUARTER 2024 RESULTS

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Q3 2024 Highlights Significant backlog of $4.6 billion at quarter-end, up 49% YoYStrong top line growth with revenues of $282.4 million, up 38% YoYSolid profitability with adjusted EBITDA1 of $55.5 million, up 30% YoY, and adjusted EBITDA margin1 of 19.7%Solid adjusted net income1 of $34.7 million, up 60% YoY, and adjusted diluted earnings per share1 of $0.28, up 56% YoY Strong operating cash flow of $258.8 millionNet debt to adjusted EBITDA1 ratio of 0.8x at quarter-end Updated 2024 full-year financial outlookRaised revenue guidance, narrowed adjusted EBITDA guidance and reaffirmed capital expenditures guidanceReaffirmed positive free cash flow in 2024

BRAMPTON, ON, Nov. 15, 2024 /PRNewswire/ – MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the third quarter ended September 30, 2024.     

“In Q3, the MDA Space team delivered another strong quarter with double digit growth in our top and bottom lines as we continued to execute and convert our backlog,” said Mike Greenley, Chief Executive Officer of MDA Space.

“The team continued to execute on our major programs, successfully conducting the preliminary design review for the Canadarm3 program, a critical milestone for the program. We also made significant progress on MDA CHORUS™, our next generation Earth Observation constellation, completing the spacecraft assembly and commencing spacecraft integration and testing. And in our Satellite Systems business, the team made solid progress advancing the engineering work for the Telesat Lightspeed program. In Q3, we also broke ground on our Satellite Systems facility expansion in Quebec which will add 185,000 square feet of advanced manufacturing capacity,” continued Mr. Greenley.

“I am also pleased to welcome Guillaume Lavoie to the MDA Space Team as Chief Financial Officer. Guillaume brings a wealth of financial leadership experience and will be instrumental in supporting our long-term growth plans and helping us deliver successfully for our customers and shareholders.”   

Q3 2024 HIGHLIGHTS  

Backlog of $4.6 billion at quarter-end provides good revenue visibility for 2025 and beyond and was up 49% compared to Q3 2023. The year-over-year increase in backlog is driven by new order bookings including the $1 billion award for Phases C/D of the Canadarm3 program announced in Q2 2024.Revenues of $282.4 million in Q3 2024 were up 38.0% year-over-year driven by higher work volumes across the business with strong contributions from the Satellite Systems and Robotics & Space Operations businesses.Adjusted EBITDA of $55.5 million in Q3 2024 compared to $42.8 million in Q3 2023, representing an increase of $12.7 million (or 29.7%) year-over-year. Adjusted EBITDA margin of 19.7% in Q3 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.Adjusted net income for Q3 2024 was $34.7 million compared to $21.7 million in Q3 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income. Adjusted diluted earnings per share of $0.28 in Q3 2024 compared to $0.18 in Q3 2023, representing an increase of 55.6% year-over-year.Operating cash flow was $258.8 million in Q3 2024 compared to $(30.0) million in Q3 2023. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Telesat Lightspeed program.At quarter-end, net debt to adjusted EBITDA ratio was 0.8x compared to 2.4x as of December 2023 (2.0x as of June 30, 2024) as the Company utilized its strong operating cash flow in Q3 2024 to make repayments to its revolving credit facility and deleverage the balance sheet while continuing to invest in its growth initiatives.

_______________________

1  As defined in the “Non-IFRS Financial Measures” section

2024 FINANCIAL OUTLOOK

As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.

MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team’s solid execution.

For fiscal 2024, we are raising our full year revenue guidance to $1,045 – $1,065 million from $1,020 – $1,060 million previously, representing robust year-over-year growth of approximately 30% at the mid-point of guidance compared to 2023 levels. We are narrowing our full year adjusted EBITDA range to $205 – $210 million from $200 – $210 million previously, representing approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $200 – $220 million, comprising primarily growth investments to support CHORUS and the previously outlined growth initiatives across our three business areas. We continue to expect favourable working capital contributions related to the Telesat Lightspeed program to result in positive free cash flow in 2024 allowing us to continue to deleverage our balance sheet

FINANCIAL OVERVIEW  

KEY INDICATORS SUMMARY

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars, except per share data)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Revenues

$

282.4

$

204.7

$

733.5

$

602.6

Gross profit

$

75.7

$

57.7

$

199.8

$

186.2

Gross margin

26.8 %

28.2 %

27.2 %

30.9 %

Adjusted EBITDA2

$

55.5

$

42.8

$

146.2

$

132.1

Adjusted EBITDA margin2

19.7 %

20.9 %

19.9 %

21.9 %

Adjusted Net Income2

$        34.7

$     21.7

$       76.0

$      70.1

Adjusted Diluted EPS2

$        0.28

$     0.18

$       0.61

$      0.58

As at

(in millions of Canadian dollars, except for ratios) 

September 30, 2024

 December 31, 2023

Backlog

$

4,578.1

$

3,097.0

Net debt2 to Adjusted TTM3 EBITDA ratio

0.8x

2.4x

REVENUES BY BUSINESS AREA

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Geointelligence

$

48.3

$

48.4

$

154.7

$

147.6

Robotics & Space Operations

66.5

61.9

215.1

183.5

Satellite Systems

167.6

94.4

363.7

271.5

Consolidated revenues

$

282.4

$

204.7

$

733.5

$

602.6

Revenues

Consolidated revenues for the third quarter of 2024 were $282.4 million, representing an increase of $77.7 million (or 38.0%) from the third quarter of 2023. The year-over-year increase in revenues was driven by higher work volumes across our business, with strong contributions from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the third quarter of 2024 were $48.3 million, which represents a decrease of $0.1 million (or 0.2%) from the same period in 2023 reflecting steady work volumes. Revenues in Robotics & Space Operations for the third quarter of 2024 were $66.5 million, which represents an increase of $4.6 million (or 7.4%) from the same period in 2023. The year-over-year increase is primarily driven by higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the third quarter of 2024 were $167.6 million, which represents an increase of $73.2 million (or 77.5%) from the same period in 2023 driven by higher contributions in the latest quarter from new programs including Telesat Lightspeed and the authorization to proceed (ATP) for an undisclosed customer for a NGSO satellite constellation (announced in Q4 2023). 

Consolidated revenues for the nine months ended September 30, 2024 were $733.5 million, representing an increase of $130.9 million (or 21.7%) from the same period of 2023. The year-over-year increase in revenues was primarily driven by increased work volume from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the first nine months of 2024 were $154.7 million, which represents an increase of $7.1 million (or 4.8%) from the same period in 2023 reflecting higher work volume on CSC and other new programs in 2024. Revenues in Robotics & Space Operations for the first nine months of 2024 were $215.1 million, which represents an increase of $31.6 million (or 17.2%) from the same period in 2023. The year-over-year increase is primarily driven by the higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the first nine months of 2024 were $363.7 million, which represents an increase of $92.2 million (or 34.0%) from the same period in 2023 driven by higher contributions from new programs including the Telesat Lightspeed program and the ATP for an undisclosed customer for a NGSO satellite constellation. 

________________________

2  As defined in the “Non-IFRS Financial Measures” section
3  TTM: Trailing twelve months

Gross Profit and Gross Margin

Gross profit reflects our revenues less cost of revenues. Q3 2024 gross profit of $75.7 million represents a $18.0 million (or 31.2%) increase over Q3 2023 driven by higher work volume in the current quarter. Gross margin in Q3 2024 was 26.8%, which is in line with the Company’s expectations and compares to gross margin of 28.2% in Q3 2023. The year- over-year change in gross margin is driven by evolving program mix and higher depreciation expense as new assets come into service. 

For the nine months ended September 30, 2024, gross profit of $199.8 million represents a $13.6 million (or 7.3%) increase over 2023 levels. Gross margin for the nine months ended September 30, 2024 was 27.2% which is in line with the Company’s expectations and compares to 30.9% for the same period in 2023. The year-over-year change in gross profit and gross margin metrics is driven by evolving program mix and higher depreciation expense as new assets come into service. 

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA for the third quarter of 2024 was $55.5 million compared with $42.8 million for the third quarter of 2023, representing an increase of $12.7 million (or 29.7%) year-over-year driven by higher volume of work and steady operating expenses. Adjusted EBITDA margin of 19.7% for the third quarter of 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.

Adjusted EBITDA for the nine months ended September 30, 2024 was $146.2 million compared with $132.1 million for the same period in 2023, representing an increase of $14.1 million (or 10.7%) year-over-year. The improvement was driven by higher volumes of work performed year-over-year somewhat offset by program mix. Adjusted EBITDA margin was 19.9% for the nine months ended September 30, 2024 compared with 21.9% for the same period in 2023.

Adjusted Net Income

Adjusted net income for the third quarter of 2024 was $34.7 million compared with $21.7 million for the third quarter of 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income in the latest quarter.

Adjusted net income for the nine months ended September 30, 2024 was $76.0 million compared with $70.1 million for the same period in 2023, representing a increase of $5.9 million (or 8.4%) year-over-year driven by the aforementioned gross profit variance. 

Backlog

Backlog is comprised of our remaining performance obligations which represent the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at September 30, 2024 was $4,578.1 million, an increase of $1,509.4 million compared with the backlog at September 30, 2023 driven by new order bookings, partially offset by continued conversion of our backlog into revenue. The following table shows the build up of backlog for Q3 2024 as compared with the same period in 2023. 

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Opening Backlog

$

4,596.0

$

1,098.3

$

3,097.0

$

1,378.2

Less: Revenue recognized

(282.4)

(204.7)

(733.5)

(602.6)

Add: Order Bookings

264.5

2,175.1

2,214.6

2,293.1

Ending Backlog

$

4,578.1

$

3,068.7

$

4,578.1

$

3,068.7

CONFERENCE CALL AND WEBCAST

MDA Space will host a conference call and webcast to discuss these financial results on Friday, November 15, 2024 at 8:30 a.m. ET. Interested parties can join the call by dialing 416-764-8609 (Toronto area) or 1-888-390-0605 (toll-free North America) or +44-800-652-2435 (toll-free United Kingdom) and entering the conference ID 94799731. A live webcast of the conference call and an accompanying slide presentation will be available at https://mda-en.investorroom.com/events-presentations.

A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until November 22, 2024, by dialing 1-888-390-0541 and entering the passcode  799731 #.

NON-IFRS FINANCIAL MEASURES

This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt and Free Cash Flow, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the Q2 2024 Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately. Free Cash Flow is a supplemental measure used to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures.

FORWARD-LOOKING STATEMENTS

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under “Risk Factors” in the Company’s Annual Information Form (AIF) dated February 28, 2024 and available on SEDAR+ at www.sedarplus.com. MDA Space does not undertake any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

ABOUT MDA SPACE

Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,000 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we’ll take you there. For more information, visit www.mda.space.

MDA Space Ltd.
Unaudited Interim Condensed Statement of Comprehensive Income
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars except per share figures) 

Three months
ended Sept. 30,
2024

Three months
ended Sept. 30,
2023

Nine months
ended Sept. 30,
2024

Nine months
ended Sept. 30,
2023

Revenue

$

282.4

$

204.7

$

733.5

$

602.6

Cost of revenue

Materials, labour and subcontractors

(197.0)

(138.2)

(502.6)

(394.0)

Depreciation and amortization of assets

(9.7)

(8.8)

(31.1)

(22.4)

Gross profit

75.7

57.7

199.8

186.2

Operating expenses

Selling, general and administration

(18.4)

(17.8)

(57.9)

(52.2)

Research and development, net

(7.2)

(10.4)

(25.0)

(30.8)

Amortization of intangible assets

(11.6)

(11.0)

(35.5)

(34.8)

Share-based compensation

(3.0)

(2.8)

(8.6)

(6.9)

Operating income

35.5

15.7

72.8

61.5

Other income (expenses)

Unrealized gain (loss) on financial instruments

—

1.0

1.2

(0.1)

Foreign exchange gain (loss)

7.2

0.6

8.7

(0.8)

Finance income

2.3

0.3

3.7

0.3

Finance costs

(4.4)

(2.7)

(18.4)

(7.0)

Other income

—

—

6.6

—

Income before income taxes

40.6

14.9

74.6

53.9

Income tax expense

(11.1)

(5.6)

(20.3)

(18.6)

Net income

29.5

9.3

54.3

35.5

Other comprehensive income

Gain (loss) on translation of foreign operations

(0.8)

0.3

(1.0)

—

Gain (loss) on cash flow hedges

(5.1)

2.2

(3.2)

4.1

Remeasurement gain on defined benefit plans 

12.7

4.7

12.1

6.4

Total comprehensive income    

$

36.3

$

16.5

$

62.2

$

45.8

Earnings per share:

Basic

$

0.25

$

0.08

$

0.45

$

0.30

Diluted

0.24

0.08

0.44

0.29

Weighted-average common shares outstanding:

Basic

120,107,965

119,329,839

119,874,946

119,191,837

Diluted

124,286,353

121,912,874

123,610,686

120,546,321

MDA Space Ltd.
Unaudited Interim Condensed Statement of Financial Position
September 30, 2024
(In millions of Canadian dollars) 

As at

September 30, 2024

December 31, 2023

Assets

Current assets:

Cash

$

139.2

$

22.5

Trade and other receivables

143.7

169.5

Unbilled receivables

266.5

183.1

Inventories

10.1

9.9

Income taxes receivable

44.7

47.3

Other current assets

78.9

24.3

683.1

456.6

Non-current assets:

Property, plant and equipment

448.8

369.1

Right-of-use assets

87.2

71.8

Intangible assets

580.5

582.5

Goodwill

441.0

439.8

Deferred income tax assets

14.2

14.9

Other non-current assets

315.0

227.0

1,886.7

1,705.1

Total assets

$

2,569.8

$

2,161.7

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable and accrued liabilities

$

235.2

$

219.1

Income taxes payable

3.1

4.4

Contract liabilities

523.1

76.9

Current portion of net employee benefit payable

48.7

57.4

Current portion of lease liabilities

13.6

10.9

Other current liabilities

1.7

4.5

825.4

373.2

Non-current liabilities: 

Net employee defined benefit payable

23.2

22.8

Lease liabilities

90.9

75.2

Long-term debt

293.8

438.9

Deferred income tax liabilities

190.0

180.8

Other non-current liabilities

6.6

6.1

604.5

723.8

Total liabilities

1,429.9

1,097.0

Shareholders’ equity

Common shares

963.6

956.1

Contributed surplus

36.8

31.3

Accumulated other comprehensive income

26.5

18.6

Retained earnings

113.0

58.7

Total equity

1,139.9

1,064.7

Total liabilities and equity

$

2,569.8

$

2,161.7

MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars) 

Three months
ended Sept. 30,

Three months
ended Sept. 30,

Nine months
ended Sept. 30,

Nine months
ended Sept. 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Items not affecting cash:

Income tax expense

11.1

5.6

20.3

18.6

Depreciation of property, plant and equipment

4.1

3.5

14.2

9.4

Depreciation of right-of-use assets

2.4

2.5

8.1

6.8

Amortization of intangible assets

14.8

13.8

44.3

41.0

Gain on disposal of assets

—

—

(5.8)

—

Write-down of assets 

—

4.8

—

4.8

Share-based compensation expense

2.2

2.8

7.7

6.9

Investment tax credits accrued

(10.5)

(6.0)

(29.7)

(18.7)

Finance costs, net

2.1

2.4

14.7

6.7

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Changes in operating assets and liabilities

200.7

(59.9)

315.4

(38.8)

256.4

(22.2)

442.3

72.1

Interest paid

(6.9)

(4.9)

(19.4)

(12.9)

Income tax received (paid)

9.3

(2.9)

9.6

(4.5)

Net cash from operating activities

258.8

(30.0)

432.5

54.7

Cash flows from investing activities

Purchases of property and equipment

(36.8)

(37.1)

(86.4)

(100.7)

Purchase/development of intangible assets

(16.6)

(12.3)

(46.1)

(34.9)

Proceeds from disposal of assets

—

—

7.4

—

Investment in equity securities 

—

—

(9.2)

—

Acquisition of subsidiary, net of cash 

(4.0)

—

(27.3)

—

Net cash used in investing activities

(57.4)

(49.4)

(161.6)

(135.6)

Cash flows from financing activities

  Borrowings from senior credit facility

—

55.0

110.0

90.0

  Repayments to senior credit facility

(105.0)

—

(255.0)

(30.0)

  Payment of lease liability (principal portion)

(1.6)

(1.7)

(6.1)

(5.6)

  Proceeds from stock options exercised

2.2

0.2

3.0

0.6

Net cash provided by financing activities

(104.4)

53.5

(148.1)

55.0

Net decrease in cash

97.0

(25.9)

122.8

(25.9)

Net foreign exchange differences on cash

(4.2)

0.3

(6.1)

—

Cash, beginning of period

46.4

39.0

22.5

39.3

Cash, end of period

$

139.2

$

13.4

$

139.2

$

13.4

RECONCILIATION OF NON-IFRS MEASURES

The following tables provide a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30 2023

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Depreciation and amortization of assets

9.7

8.8

31.1

22.4

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Income tax expense

11.1

5.6

20.3

18.6

Finance income

(2.3)

(0.3)

(3.7)

(0.3)

Finance costs

4.4

2.7

18.4

7.0

EBITDA

$

64.0

$

37.1

$

155.9

$

117.8

Unrealized foreign exchange loss (gain)

(10.7)

(0.9)

(10.4)

2.5

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Share-based compensation

2.2

2.8

7.7

6.9

Adjusted EBITDA

$

55.5

$

42.8

$

146.2

$

132.1

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Net Income

$          29.5

$           9.3

$           54.3

$            35.3

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Net foreign exchange (gain) loss 

(7.2)

(0.6)

(8.7)

0.8

Embedded derivative effects

0.5

—

2.2

—

Share-based compensation

2.2

2.8

7.7

6.9

Income taxes related to the above items3

(1.9)

(4.6)

(8.0)

(12.6)

Adjusted Net income

$        34.7

$          21.7

$           76.0

$           70.1

Weighted average number of shares outstanding – diluted

124,286,353

121,912,874

123,610,686

120,546,321

Adjusted EPS – diluted

$       0.28

$       0.18

$           0.61

$           0.58

3 Standard income tax rate of 26.5% applied

View original content to download multimedia:https://www.prnewswire.com/news-releases/mda-space-reports-third-quarter-2024-results-302306490.html

SOURCE MDA Space

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Caylent’s Valerie Henderson and Ann Carpenter Named to CRN’s 2026 Women of the Channel List

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May 4, 2026

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CEO and CMO recognized amongst an elite subset of CRN’s Women of the Channel list

IRVINE, Calif., May 4, 2026 /PRNewswire/ — Caylent, an AI-first Amazon Web Services (AWS) Premier Tier Services Partner, announced that CRN®, a brand of The Channel Company, has recognized Caylent Chief Executive Officer (CEO) Valerie Henderson and Chief Marketing Officer (CMO) Ann Carpenter, on the 2026 Women of the Channel Power 80 Solution Provider list, an elite subset of influential solution providers chosen from the CRN® 2026 Women of the Channel list.

The annual Power 80 Solution Provider list honors the most influential women in leadership at some of the country’s most prominent IT integrators, managed service providers, value-added resellers and consultants for their channel advocacy and dedication to helping their customers and technology partners thrive.

Val is known for her relentless focus on customer outcomes and for building high-impact teams that deliver measurable business value. As CEO and the leading visionary behind Caylent’s AI-first services, Val has been a driving force behind the company’s growth, completing key acquisitions of Trek10 and Pronetx, and scaling revenue more than five-fold in her current role and previously as president and CRO.

“This honor reflects the transformational work taking place at Caylent, as well as the undeniable force women are becoming across the channel,” said Val Henderson. “Together, we’re not just participating in the future of technology; we’re building it. I’m proud to be included amongst such an accomplished group of leaders.”

As CMO, Ann strengthens collaboration with AWS while positioning Caylent as a leader in cloud migration, modernization, and AI-first services. Her strategic vision combines revenue-focused marketing with partnership optimization, proving critical to Caylent’s growth trajectory.

“It’s inspiring to be included alongside so many influential women in the channel,” said Ann Carpenter. “This acknowledgment speaks to the strength of our partner community and the measurable impact we are creating for customers every day. At Caylent, that’s not aspirational, it’s what we do.”

This recognition reflects Caylent’s longstanding commitment to advancing women in technology and leadership. Women hold four of seven C-level positions at Caylent.

“It’s a privilege to celebrate the remarkable achievements of these women who are driving meaningful change across the IT channel,” said Jennifer Follett, VP of U.S. Content and Executive Editor, CRN at The Channel Company. “Each honoree has demonstrated exceptional leadership and a commitment to bold, innovative strategies that fuel transformation, growth, and success for their organizations and the broader channel. We’re proud to recognize their impact and look forward to seeing how they continue to shape the future of our industry.”

Read more about Val and Ann’s recognition, as well other Women of the Channel honorees at crn.com/wotc.

About Caylent

Since 2015, Caylent has grown alongside organizations modernizing on AWS. Now, it is the operating partner they trust to build, run, and evolve intelligent systems at scale. As an AWS Premier Tier Services Partner, dedicated Anthropic partner, and AWS Managed Services Provider, with 10 Partner of the Year Awards including GenAI, Migration, and Security Consulting Partner of the Year in 2025, Caylent combines deep AWS expertise, proprietary IP, and an agentic delivery system to move organizations from ideas to impact, faster. www.caylent.com

About The Channel Company

The Channel Company (TCC) is the global leader in channel growth for the world’s top technology brands. We accelerate success across strategic channels for tech vendors, solution providers and end users with premier media brands, integrated marketing and event services, strategic consulting, and exclusive market and audience insights. TCC is a portfolio company of investment funds managed by EagleTree Capital, a New York City-based private equity firm. For more information, visit thechannelco.com.

Follow The Channel Company: LinkedIn and X.

© 2026 The Channel Company, Inc. CRN is a registered trademark of The Channel Company, Inc. All rights reserved.

View original content to download multimedia:https://www.prnewswire.com/news-releases/caylents-valerie-henderson-and-ann-carpenter-named-to-crns-2026-women-of-the-channel-list-302761430.html

SOURCE Caylent

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Display Week 2026: SunLED’s Near-Infrared Technology Turns Screens into Wellness Devices

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May 4, 2026

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SunLED Life Science’s patented near-infrared technology brings the benefits of natural sunlight indoors and can be integrated into laptops, display monitors and smartphone cases, delivering targeted NIR light during screen time to support energy, mood, eye comfort, and overall well-being

LOS ANGELES and AMSTERDAM, May 4, 2026 /PRNewswire-PRWeb/ — SunLED Life Science, a health-centered technology startup, today announced plans to showcase its near-Infrared (NIR) technology that brings the benefits of natural sunlight indoors at Display Week 2026, from May 5-7, 2026, at the LA Convention Center, Exhibit Hall, Booth #446. SunLED’s patented near-infrared (NIR) technology can be easily integrated into computer and laptop screens, webcams, and other everyday devices, delivering a targeted dose of NIR light – the essential part of sunlight absent in indoor light – to users while they work. NIR light supports mood, energy levels, eye comfort, and overall well-being. SunLED Life Science will demo three new prototypes at Display Week 2026, including a display monitor, a laptop, and a smartphone case, demonstrating how SunLED’s patented NIR technology can be integrated into everyday devices.

“Our technology can be integrated into almost any screen-based product to improve the well-being of its users and fundamentally change indoor screen time for everyone, from children and employees to the elderly,” said Dr. Anne Berends, CEO, CTO and founder, SunLED Life Science.

Dr. Anne Berends will also speak at Display Week on May 7 at 9:10 AM during Session 63.3, Displays as Ambient Light Therapy: Health and Wellness Through Invisible NIR Integration, in room 409AB, and in the panel discussion Health Effects of Emissive Color in Displays (Session 65-3), on Thursday, May 7, from 11:10–11:50 AM.

All indoor lighting and displays lack NIR, an essential part of the solar spectrum that makes up 50% of sunlight. The average person spends 90% of their waking hours indoors and has seven hours of screen time, deprived of NIR light, which can lead to adverse health effects. As windows filter out NIR, even sunlight that passes through them cannot help address the growing global health issues caused by modern indoor lifestyles. Near-infrared light boosts cellular energy production by activating mitochondria, the ‘powerplant’ of the cell. Scientific literature has shown a range of health and well-being benefits of NIR, including improved eye comfort and reduced fatigue. SunLED Life Science’s patented NIR light technology is proven in clinical studies to enhance mood and energy, lower inflammation markers, and promote heart health.

SunLED Life Science Technology Integration.

SunLED Life Science’s patented technology integrates with computer and laptop screens, webcams, and car interiors. At Display Week 2026, SunLED Life Science will demo three prototypes that bring its patented NIR technology directly into everyday devices. The first two prototypes include a laptop and an external monitor with NIR LEDs built into the bezel—mirroring how webcams evolved from clip-ons to standard features. The third prototype is a smartphone case prototype that delivers NIR light to users during normal screen time, tapping into the device people use most. Together, the three prototypes demonstrate how SunLED’s NIR technology makes wellness effortless by integrating into the products people already rely on daily.

“Today’s modern lifestyle hinders people from exposure to the very driver of life on Earth – sunlight. Our ancestors spent centuries outdoors in the sun. We are spending time in the office or at home: working, studying, and enjoying our free time while looking at screens, we barely get the amount of sunlight our bodies need,” said Dr. Anne Berends, CTO and co-founder of SunLED. “Our technology can be integrated into almost any screen-based product to improve the well-being of its users and fundamentally change indoor screen time for everyone, from children and employees to the elderly. We envision a world where everyone has access to the benefits of natural sunlight even while indoors at work, at home, or driving in a vehicle.”

At Display Week, SunLED will also showcase SunBooster, an easy-to-use, USB-C-powered device that attaches to computer monitors and laptops. As the first near-infrared device designed for everyday use, SunBooster brings the wellness-supporting qualities of natural sunlight indoors, enabling users to integrate these benefits effortlessly into their daily routines. SunBooster has launched in the EU and will launch in the US market in May.

Contact sunled@wearemgp.com to set up a meeting at Display Week 2026 between May 5-7 in Los Angeles, access the Display Week Press Kit here, or learn more at https://sunled.health.

About SunLED Life Science

SunLED Life Science researches and develops lighting solutions that bring the health benefits of sunlight indoors. Our patented and scientifically proven Near-Infrared technology promotes health and well-being, and easily integrates into various devices, such as screens, luminaires, car dashboards, and more. We envision a world where everyone can access the benefits of natural sunlight indoors.

Founded in 2024, SunLED Life Science is a privately held company headquartered in Amsterdam. Follow SunLED Life Science on LinkedIn or learn more at https://sunled.health.

Media Contact

Mindy M. Hull, Mercury Global Partners for SunLED Life Science, 1 415 889 9977, sunled@wearemgp.com, https://sunled.health

Michael Held-Hernandez, Mercury Global Partners for SunLED Life Science, 1 480 306 1154, sunled@wearemgp.com, https://sunled.health

View original content to download multimedia:https://www.prweb.com/releases/display-week-2026-sunleds-near-infrared-technology-turns-screens-into-wellness-devices-302761482.html

SOURCE SunLED Life Science

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New CiviClick Whitepaper: How DoorDash, DraftKings, Uber, and Rivian Are Winning Policy Fights by Mobilizing Real Stakeholders

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May 4, 2026

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Two decades of Congressional Management Foundation research show individualized constituent communication outperforms paid advertising and lobbying – and a new whitepaper from CiviClick details how leading companies are closing the gap

WASHINGTON, May. 4, 2026 /PRNewswire/ — CiviClick, a nonpartisan grassroots advocacy software platform, today released a 48-page whitepaper examining how some of America’s most recognizable companies are winning state and federal policy fights by mobilizing employees, customers, and other real stakeholders to tell authentic stories to lawmakers. 

The whitepaper, titled “How Corporations Win Grassroots Advocacy Campaigns by Telling Authentic Stories,” draws on two decades of Congressional Management Foundation (CMF) research showing that individualized constituent communication is the single most influential form of advocacy on an undecided lawmaker — outperforming paid advertising, form emails, and even meetings with professional lobbyists. 

The research also surfaces a persistent gap. Ninety-one percent of congressional staff say district-specific impact information would help them advise their boss; only nine percent report receiving it frequently. Seventy-nine percent say personal constituent stories would help; only eighteen percent report receiving them regularly. 

“There is a massive gap between what lawmakers want to hear and what they actually receive,” said Chazz Clevinger, founder and CEO of CiviClick. “The companies that close that gap are the ones winning their policy fights. The ones that don’t are the ones writing checks to lobbyists and wondering why the bill still moved.” 

Four extended case studies 

The whitepaper details four corporate grassroots programs that have produced measurable legislative wins:

DoorDash’s DashRoots program has united more than 210,000 delivery professionals, merchants, and consumers across all 50 states. Recent wins include defeating a proposed delivery fee in Illinois and passing first-in-the-nation portable benefits legislation through the Wisconsin legislature.

DraftKings’ New York mobile sports betting campaign combined grassroots customer pressure, executive engagement, and direct lobbying to secure Governor Cuomo’s April 2021 inclusion of mobile wagering in the state budget – a multi-year effort the whitepaper presents as a masterclass in coalition design.

Uber’s city-by-city playbook for ridesharing legalization shows how technology companies can build scalable advocacy infrastructure that adapts to local political conditions across hundreds of municipalities.

Rivian’s 2026 Washington State breakthrough overturned a twelve-year dealer monopoly on direct EV sales after Rivian customers wrote personal messages to legislators about why they should be able to buy vehicles directly. Senate Bill 6354 passed 47-2 in the Senate and 84-9 in the House. The thesis “The common thread across all four case studies is that sustained victory requires more than direct lobbying,” Clevinger said. “It requires a standing network of authentic stakeholder advocates who can be activated quickly, speak credibly to lawmakers in their own words, and mobilize again for the next fight.” 

The whitepaper also examines how companies can bridge political divides by mobilizing stakeholders with different political orientations around shared policy goals, how to integrate corporate social responsibility with civic engagement, and how to overcome the most common participation obstacles in corporate grassroots programs. The full whitepaper is available for download at civiclick.com.

CiviClick is a nonpartisan grassroots advocacy software platform headquartered in Washington, D.C., with offices in Los Angeles. The platform helps organizations build campaign pages where real people can contact their elected and regulatory officials with personalized messages. CiviClick serves diverse groups across the partisan spectrum, including corporations, trade associations, nonprofits, and issue advocacy organizations. 

Founded in 2023 by Chazz Clevinger, a 13-year veteran of civic technology who previously worked at the White House Office of Strategic Initiatives, CiviClick has been recognized with multiple AAPC, Pollie, and Reed Awards for advocacy technology.

View original content:https://www.prnewswire.com/news-releases/new-civiclick-whitepaper-how-doordash-draftkings-uber-and-rivian-are-winning-policy-fights-by-mobilizing-real-stakeholders-302761590.html

SOURCE CiviClick

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